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Introduction
In the dynamic real estate industry landscape, developers and platforms face ongoing challenges in building trust and connecting with their target audience. This blog explores these issues and highlights opportunities in key markets like Singapore, Vietnam, and China. It also discusses the use of creative marketing, including influencer strategies, for effective audience engagement.
Real Estate’s Key Markets and Buyer Profiles in 2023
According to real estate experts like Cushman & Wakefield and Bloomberg, the property markets in South East Asia (SEA) and United Arab Emirates (UAE) are growing rapidly with China’s economic reopening fueling the heightened demand. To seize this opportunity, real estate developers should focus on key markets like Singapore and Vietnam who have distinct buyer profiles from countries like China.
Aside from the overall Chinese market, real estate developers need to focus on buyer profiles like millennials, expats, and luxury condominiums and institutional investors from the Singapore and Vietnam market.
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Millennials: According to PropetyGuru, we can expect around 84% of Singaporean millennials are expected to seek independent living by 2023, driving demand for various housing options.
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Expats: Countries like Vietnam attracts interest from approximately 4 million expatriates and foreign nationals who are looking to own and invest in properties.
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Luxury Condominiums & Institutional Investors: In SEA countries like Singapore, a striking number of Chinese buyers getting luxury condos has gone up by 158% in early 2023. In addition, Dubai’s property market saw an 8% rise in chinese investors since 2019, further highlighting evolving property buyer profiles and trends. Moreover, institutional investors also see Southeast Asia as a great place for growth, as shown by a survey by Natixis Investment Managers in 2023.
Navigating Real Estate Marketing in 2023: The Power of Influencer Marketing
In today’s digital age, social media platforms have emerged as a powerful tool for businesses to showcase their products, allowing them to connect with consumers without face-to-face interactions. Many businesses are leveraging on recent trends and recognized the value of influencer marketing on these platforms. The influencer marketing industry skyrocketed to an astounding $16 billion in 2022, with projections hinting at continued growth in the years ahead. Through influencer marketing, businesses are able to elevate their marketing strategies and offer consumers a more personalized and engaging experience.
Referencing a Sprout Social article, an impressive 78% of consumers are inclined to make a purchase from a company after having a positive experience with them on social media. This is because Influencers’ endorsements carry an aura of authenticity and trustworthiness due to their personal rapport with their audiences. Hence, it is time for real estate developers to leverage influencer marketing in building brand trust to create genuine connections to engage with their buyers and enhance their credibility to buyers.
You may ask “where do I start?”. Based on news reports and data collected, we can see that in SEA and China, Influencer marketing has become a widely popular strategy utilized to connect and resonate with target audiences.
In SEA, the influencer marketing sector was valued at $638 million in 2019, poised to quadruple to $2.59 billion by 2024. This growth story is accentuated by SEA’s growing internet economy that is set to hit a staggering US$1 trillion by 2030. Meanwhile, in China, platforms like WeChat, Weibo, Douyin, and Xiaohongshu are integral across various industries. With China’s influencer marketing market predicted to reach 100 billion yuan in 2021 and a staggering 7 trillion yuan by 2025, it has become the go-to choice for advertisers aiming to captivate the Chinese market. As such, influencer marketing emerges as the primary avenue for advertisers to captivate their target audiences in both SEA and China.
The surge in popularity of real estate influencer marketing over the past five years can be attributed to this authenticity, which resonates strongly with consumers. Hence, influencer marketing, already embraced by key markets and buyers such as SEA and China, stands as a crucial method for real estate developers to leverage.
Considerations
The success of influencer marketing hinges on its ability to resonate with the right audience and demographics. Through influencers, businesses can forge emotional bonds with their audience, creating a highly personalized buying experience. Consider, for instance, the prime target markets and buyers in the UAE. Notably, regions like Dubai are increasingly attracting Chinese buyers, particularly for luxury real estate units. In the first quarter of 2023 alone, Chinese investors constituted 12% of Dubai’s property market, marking a significant increase from 8% in 2019. As Dubai’s real estate market gains traction among Chinese buyers, it’s imperative for developers to adopt key marketing trends from China, including influencer marketing, to reach their intended buyer profiles.
However, navigating China’s unique internet ecosystem, which includes platforms like Weibo and WeChat, can be a challenging for businesses aiming to connect with Chinese buyers. To overcome this complexity, Dubai’s real estate developers should consider collaborating with agencies like Nativex who possess deep insights into local markets and the ability to identify suitable influencers, acting as a bridge to unlock the potential of these markets. By partnering with Nativex, we can harness our expertise in creative marketing, influencer partnerships, and digital advertising to effectively reach the target audience through the most suitable channels.